American Funds Washington Mutual Investors Fund (AWSHX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

Certified Shareholder Report of

Registered Management Investment Companies

Investment Company Act File Number: 811-00604

Washington Mutual Investors Fund

(Exact Name of Registrant as Specified in Charter)

6455 Irvine Center Drive

Irvine, California 92618

(Address of Principal Executive Offices)

Registrant's telephone number, including area code: (949) 975-5000

Date of fiscal year end: April 30

Date of reporting period: October 31, 2013

Jennifer L. Butler

Washington Mutual Investors Fund

6455 Irvine Center Drive

Irvine, California 92618

(Name and Address of Agent for Service)

Copies to:

Robert W. Helm

Dechert LLP

1900 K Street, NW

Washington, DC 20006

(Counsel for the Registrant)

ITEM 1 – Reports to Stockholders

 
Washington Mutual
Investors Fund^SM

Semi-annual report
for the six months ended
October 31, 2013

Washington Mutual Investors Fund seeks to produce income and to provide an opportunity for growth of principal consistent with sound common stock investing.

This fund is one of more than 40 offered by one of the nation’s largest mutual fund families, American Funds, from Capital Group. For more than 80 years, Capital has invested with a long-term focus based on thorough research and attention to risk.

Fund results shown in this report, unless otherwise indicated, are for Class A shares at net asset value. If a sales charge (maximum 5.75%) had been deducted, the results would have been lower. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value. For current information and month-end results, visit americanfunds.com.

Here are the average annual total returns on a $1,000 investment with all distributions reinvested for periods ended September 30, 2013 (the most recent calendar quarter-end):

Class A shares	1 year	5 years	10 years
Reflecting 5.75% maximum sales charge	13.66%	7.97%	6.83%

For other share class results, visit americanfunds.com and americanfundsretirement.com.

The total annual fund operating expense ratio was 0.62% for Class A shares as of the prospectus dated July 1, 2013.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers, without which results would have been lower. Visit americanfunds.com for more information.

Refer to the fund prospectus and the Risk Factors section of this report for more information on risks associated with investing in the fund.

Fellow investors:

U.S. equities registered solid gains during the first half of the fiscal year, supported by indications that the economy was strengthening and better-than-expected earnings reports. Stock markets wavered in June and August on concerns that the Federal Reserve would reduce its monetary stimulus, but investor sentiment turned positive in the closing months of the period after the Fed decided to delay tapering its bond-purchasing program. Some major market indexes reached record highs during the period.

For the six months ended October 31, 2013, Washington Mutual Investors Fund posted a total return of 10.8%. That result assumes reinvestment of quarterly dividends totaling 35 cents a share, reflecting an income return of 1.0%. The fund trailed the 11.1% gain of the unmanaged Standard & Poor’s 500 Composite Index, a broad measure of the U.S. stock market. With its focus on blue chip companies that pay dividends, the fund is managed conservatively and can lag in strong, rising markets such as the current period.

Over the past three years, the fund generated an average annual total return of 16.7%, outpacing the S&P 500’s 16.5% average gain. As you can see in the table below, over its 61-year lifetime the fund has delivered an 11.9% average annual total return compared with 10.7% for the S&P 500.

Results at a glance

For periods ended October 31, 2013, with all distributions reinvested

	Total returns						Average annual total returns
	6 months			1 year			5 years			10 years			Lifetime (since 7/31/52)
Washington Mutual Investors Fund (Class A shares)		10.8	%		26.6	%		14.1	%		7.4	%		11.9	%
Standard & Poor’s 500 Composite Index*		11.1			27.2			15.2			7.5			10.7
Lipper Large-Cap Core Funds Index**		11.1			27.7			14.4			6.7			n/a
Lipper Growth & Income Funds Index**		9.2			23.7			14.0			6.9			n/a

*	The market index is unmanaged and, therefore, has no expenses.
**	The indexes were not in existence as of the date the fund’s Class A shares became available; therefore, lifetime results are not shown.

Washington Mutual Investors Fund 1

The current environment

The U.S. economy continues to recover. Gross domestic product (GDP) increased 2.5% on an annualized basis in the second quarter of 2013 and an estimated 3.6% in the third. The jobs market is improving, although the unemployment rate remains relatively high. After the close of the period, the U.S. Bureau of Labor Statistics reported that a higher-than-expected 204,000 workers were added to payrolls in September. The jobless rate rose slightly to 7.3% in October 2013.

U.S. lawmakers failed to pass a resolution to fund government operations by October 1, triggering a 16-day partial U.S. government shutdown and debt-ceiling crisis. Investors generally shrugged off the crises and instead focused on the improving economy and upbeat earnings reports. Stocks rallied in the closing weeks of the six-month period, and both the S&P 500 and Dow Jones Industrial Average reached new highs near the end of October.

A look at the portfolio

Many of the fund’s strongest returns came from holdings in the more economically sensitive areas of the market, including industrials and consumer discretionary companies. A number of investments in the aerospace and defense industry — the fund’s largest industry concentration — delivered exceptional returns. Top holding Boeing (42.8%) benefited from rising orders for its commercial aircraft and good operating results and Lockheed Martin (34.6%), the fund’s 12th-largest holding, raised its full-year forecast after earnings jumped in the third quarter.

Select investments in financial companies also registered healthy advances. Among these were American Express (19.6%) and Wells Fargo (12.4%), the fund’s eighth- and ninth-largest holdings. Other large holdings that fared better than the S&P 500 were Amazon (43.4%), Bristol-Myers Squibb (32.2%) and General Electric (17.3%).

In a strong equity market rally, stocks paying higher dividends tended to lag the broader market. Telecommunications service providers Verizon (–6.3%), the fund’s 10th-largest holding, and AT&T (–3.4%) both lost ground during the period, as did a number of holdings in the utilities sector, including Exelon (–23.9%), FirstEnergy (–18.7%) and PG&E (–13.6%).

Other top positions that posted declines included energy companies Chevron (–1.7%) and Royal Dutch Shell (–0.4%) and drug maker Merck (–4.1%).

The road ahead

We expect the U.S. economy to remain on track for the remainder of the fiscal year, and we believe the portfolio continues to be well positioned for a continued recovery. As of the close of the fiscal period, the fund had 97.5% of its holdings in equity-type securities.

2 Washington Mutual Investors Fund

While our outlook is positive, the ongoing market rally faces a number of headwinds. The S&P 500 has reached new highs several times in recent months, and more companies appear to be fairly valued. We do believe we can continue to find long-term investment opportunity, but in the current environment careful stock selection and a keen sensitivity to valuation remain critical.

Developments in Washington, D.C. bear close monitoring. In October lawmakers temporarily resolved a partial government shutdown by funding government operations and raising the debt limit. The president and Congress have yet to reach a long-term agreement over spending and tax reforms, and will need to consider the debt limit again in mid-January. What’s more, as the economy continues to strengthen, we remain alert to the potential impact of rising interest rates and possible Fed action. We remind investors that these developments are likely to take time. In normal recoveries, interest rates typically rise as the economy rebounds, and we would expect this pattern to recur when the Fed becomes less active in the market.

The investment professionals who manage Washington Mutual Investors Fund remain committed to identifying companies with good growth prospects that offer income opportunities. Through our disciplined, research-driven approach, we continue to find what we believe are attractively valued companies with a track record of earnings and dividend growth.

We are grateful for your continued support and look forward to reporting back to you at the close of the fiscal year.

Cordially,

Alan N. Berro

Vice Chairman and President

December 6, 2013

For current information about the fund, visit americanfunds.com.

We take this opportunity to thank former president and trustee Jeffrey L. Steele, who retires from the fund this month, for his many years of leadership and service.

Washington Mutual Investors Fund 3

Investment portfolio October 31, 2013	unaudited
Industry sector diversification	Percent of net assets

Ten largest holdings	Percent of net assets
Boeing		5.44	%
Home Depot		4.74
Microsoft		3.60
Chevron		3.45
Merck		3.30
Royal Dutch Shell		2.86
PepsiCo		2.62
American Express		2.61
Wells Fargo		2.58
Verizon Communications		2.57

4 Washington Mutual Investors Fund

Common stocks 97.50%	Shares		Value (000)		Percent of net assets
Energy 11.85%
Cabot Oil & Gas Corp.		5,249,700	$	185,419		.27	%
Chevron Corp.		19,385,000		2,325,425		3.45
ConocoPhillips		7,120,000		521,896		.77
Enbridge Inc.		22,935,000		995,150		1.48
EOG Resources, Inc.		500,000		89,200		.13
FMC Technologies, Inc.1		2,755,000		139,265		.21
Hess Corp.		2,140,000		173,768		.26
Occidental Petroleum Corp.		1,140,000		109,531		.16
Pioneer Natural Resources Co.		4,250,000		870,315		1.29
Royal Dutch Shell PLC, Class B (ADR)		27,795,950		1,932,374		2.86
Schlumberger Ltd.		2,800,000		262,416		.39
Spectra Energy Corp		3,010,000		107,066		.16
Technip SA (ADR)		10,700,000		281,624		.42
				7,993,449		11.85
Materials 3.40%
Air Products and Chemicals, Inc.		2,400,000		261,624		.39
Dow Chemical Co.		21,410,000		845,052		1.25
E.I. du Pont de Nemours and Co.		700,000		42,840		.06
MeadWestvaco Corp.		6,544,190		228,065		.34
Nucor Corp.		6,500,000		336,505		.50
Potash Corp. of Saskatchewan Inc.		5,980,000		185,978		.27
Praxair, Inc.		3,070,000		382,860		.57
Steel Dynamics, Inc.		900,000		16,173		.02
				2,299,097		3.40
Industrials 20.04%
Boeing Co.		28,130,000		3,670,965		5.44
Caterpillar Inc.		11,810,000		984,482		1.46
Cummins Inc.		1,020,000		129,560		.19
Deere & Co.		1,700,000		139,128		.21
Eaton Corp. PLC		4,450,000		313,992		.46
Emerson Electric Co.		4,520,000		302,704		.45
General Dynamics Corp.		2,950,000		255,559		.38
General Electric Co.		39,400,000		1,029,916		1.53
Honeywell International Inc.		1,360,000		117,953		.17
Lockheed Martin Corp.		12,425,000		1,656,749		2.46
Northrop Grumman Corp.		4,790,000		514,973		.76
Parker-Hannifin Corp.		2,400,000		280,128		.41
Precision Castparts Corp.		100,000		25,345		.04
Raytheon Co.		1,000,000		82,370		.12
Rockwell Automation		2,000,000		220,820		.33
Rockwell Collins, Inc.		5,930,000		414,092		.61
Siemens AG (ADR)		400,000		51,204		.08
Union Pacific Corp.		11,080,000		1,677,512		2.49
United Technologies Corp.		8,120,000		862,750		1.28
W.W. Grainger, Inc.		525,000		141,209		.21
Waste Management, Inc.		14,900,000		648,746		.96
				13,520,157		20.04

Washington Mutual Investors Fund 5

Common stocks (continued)	Shares		Value (000)		Percent of net assets
Consumer discretionary 11.73%
Amazon.com, Inc.1		3,775,000	$	1,374,213		2.04	%
CBS Corp., Class B		4,280,000		253,119		.38
Comcast Corp., Class A		8,385,000		398,958		.59
Genuine Parts Co.		700,000		55,181		.08
Home Depot, Inc.		41,031,000		3,195,905		4.74
Honda Motor Co., Ltd. (ADR)		550,000		21,978		.03
Johnson Controls, Inc.		13,195,000		608,949		.90
Lowe’s Companies, Inc.		5,500,000		273,790		.41
Tiffany & Co.		970,000		76,795		.11
Time Warner Inc.		3,718,260		255,593		.38
Twenty-First Century Fox, Inc., Class A		9,599,100		327,138		.48
VF Corp.		3,290,000		707,350		1.05
Walt Disney Co.		5,285,000		362,498		.54
				7,911,467		11.73
Consumer staples 9.33%
Avon Products, Inc.		18,000,000		315,000		.47
Coca-Cola Co.		27,920,000		1,104,794		1.64
Colgate-Palmolive Co.		3,720,000		240,796		.35
Costco Wholesale Corp.		1,325,000		156,350		.23
Kimberly-Clark Corp.		5,745,000		620,460		.92
Nestlé SA (ADR)		8,460,192		612,603		.91
PepsiCo, Inc.		21,000,000		1,765,890		2.62
Procter & Gamble Co.		10,170,000		821,227		1.22
Unilever NV (New York registered)		7,620,000		302,666		.45
Wal-Mart Stores, Inc.		4,600,000		353,050		.52
				6,292,836		9.33
Health care 11.28%
AbbVie Inc.		750,700		36,371		.05
AstraZeneca PLC (ADR)		970,000		51,274		.08
Baxter International Inc.		3,963,000		261,043		.39
Bristol-Myers Squibb Co.		26,129,400		1,372,316		2.03
Edwards Lifesciences Corp.1		1,585,000		103,326		.15
Gilead Sciences, Inc.1		6,700,000		475,633		.71
Humana Inc.		7,620,000		702,183		1.04
Johnson & Johnson		13,930,000		1,290,057		1.91
Merck & Co., Inc.		49,295,000		2,222,712		3.30
Pfizer Inc.		23,000,000		705,640		1.05
Quest Diagnostics Inc.		1,615,000		96,755		.14
Teva Pharmaceutical Industries Ltd. (ADR)		2,130,000		79,002		.12
UnitedHealth Group Inc.		3,085,000		210,582		.31
				7,606,894		11.28
Financials 13.85%
ACE Ltd.		2,255,000		215,217		.32
Allstate Corp.		5,250,000		278,565		.41
American Express Co.		21,550,000		1,762,790		2.61
Capital One Financial Corp.		3,740,000		256,826		.38

6 Washington Mutual Investors Fund

	Shares		Value (000)		Percent of net assets
Charles Schwab Corp.		7,260,000	$	164,439		.24	%
Chubb Corp.		2,500,000		230,200		.34
Citigroup Inc.		5,000,000		243,900		.36
CME Group Inc., Class A		8,718,389		646,992		.96
Goldman Sachs Group, Inc.		4,433,000		713,092		1.06
JPMorgan Chase & Co.		18,068,700		931,261		1.38
KeyCorp		19,160,000		240,075		.36
M&T Bank Corp.		1,250,000		140,663		.21
Marsh & McLennan Companies, Inc.		5,370,000		245,946		.36
McGraw Hill Financial, Inc.		10,809,100		753,178		1.12
Moody’s Corp.		2,450,000		173,117		.26
Sumitomo Mitsui Financial Group, Inc. (ADR)		11,000,000		106,700		.16
Toronto-Dominion Bank		800,000		73,376		.11
U.S. Bancorp		11,375,000		424,970		.63
Wells Fargo & Co.		40,758,100		1,739,963		2.58
				9,341,270		13.85
Information technology 7.05%
Analog Devices, Inc.		1,000,000		49,300		.07
Apple Inc.		595,000		310,798		.46
Automatic Data Processing, Inc.		1,740,000		130,448		.19
eBay Inc.1		1,750,000		92,242		.14
Google Inc., Class A1		477,000		491,587		.73
Linear Technology Corp.		6,635,000		272,964		.40
Microsoft Corp.		68,610,000		2,425,363		3.60
Oracle Corp.		900,000		30,150		.05
Paychex, Inc.		1,180,000		49,867		.07
Texas Instruments Inc.		21,472,500		903,563		1.34
				4,756,282		7.05
Telecommunication services 4.27%
AT&T Inc.		28,840,000		1,044,008		1.55
Verizon Communications Inc.		34,310,000		1,732,998		2.57
Vodafone Group PLC (ADR)		2,830,000		104,201		.15
				2,881,207		4.27
Utilities 3.74%
Dominion Resources, Inc.		3,930,000		250,537		.37
Duke Energy Corp.		4,330,000		310,591		.46
Edison International		2,600,000		127,478		.19
Exelon Corp.		7,125,000		203,347		.30
FirstEnergy Corp.		17,883,100		677,233		1.00
National Grid PLC (ADR)		2,650,000		166,765		.25
PG&E Corp.		18,815,000		787,408		1.17
				2,523,359		3.74
Miscellaneous 0.96%
Other common stocks in initial period of acquisition				644,691		.96
Total common stocks (cost: $42,477,003,000)				65,770,709		97.50

Washington Mutual Investors Fund 7

Short-term securities 2.53%	Principal amount (000)		Value (000)			Percent of net assets
Abbott Laboratories 0.06%–0.09% due 11/4–11/27/20132	$	105,000	$	104,999			.16	%
Army and Air Force Exchange Service 0.10% due 12/6–12/10/20132		29,400		29,396			.04
Coca-Cola Co. 0.12%–0.13% due 12/17/2013–1/23/20142		78,000		77,986			.12
E.I. duPont de Nemours and Co. 0.08%–0.09% due 11/19–12/16/20132		47,800		47,797			.07
Emerson Electric Co. 0.06% due 12/16/20132		6,300		6,299			.01
Fannie Mae 0.08%–0.12% due 12/17/2013–5/1/2014		237,700		237,641			.35
Federal Farm Credit Banks 0.14% due 7/24/2014		50,000		49,951			.07
Federal Home Loan Bank 0.10%–0.14% due 11/8/2013–4/11/2014		197,900		197,851			.29
Freddie Mac 0.09%–0.15% due 12/18/2013–4/1/2014		271,700		271,657			.40
General Electric Capital Corp. 0.05%–0.08% due 11/1–11/25/2013		80,500		80,498			.12
Honeywell International Inc. 0.13% due 2/20/20142		30,900		30,885			.05
John Deere Financial Ltd. 0.08% due 12/6/20132		36,800		36,797			.05
Medtronic Inc. 0.07%–0.09% due 11/13/2013–1/22/20142		87,100		87,089			.13
National Rural Utilities Cooperative Finance Corp. 0.10%–0.17% due 11/13–11/21/2013		55,000		54,996			.08
Paccar Financial Corp. 0.09%–0.10% due 11/7–12/3/2013		37,000		36,998			.06
Parker-Hannifin Corp. 0.08% due 11/14/20132		35,000		34,999			.05
PepsiCo Inc. 0.04% due 11/19/20132		15,900		15,900			.02
Private Export Funding Corp. 0.07%–0.12% due 11/18–12/2/20132		32,000		31,998			.05
Procter & Gamble Co. 0.14% due 11/7/20132		23,600		23,600			.04
Regents of the University of California 0.08%–0.13% due 11/14/2013–1/27/2014		90,400		90,387			.13
Sysco Corp. 0.17% due 11/13–11/14/20132		44,050		44,047			.07
Wal-Mart Stores, Inc. 0.06% due 11/12/20132		26,000		25,999			.04
Wells Fargo & Co. 0.17%–0.22% due 11/13/2013–2/11/2014		85,800		85,767			.13
Total short-term securities (cost: $1,703,463,000)				1,703,537			2.53
Total investment securities (cost: $44,180,466,000)				67,474,246			100.03
Other assets less liabilities				(17,261	)		(.03	)
Net assets			$	67,456,985			100.00	%

As permitted by U.S. Securities and Exchange Commission regulations, “Miscellaneous” securities include holdings in their first year of acquisition that have not previously been publicly disclosed.

1	Security did not produce income during the last 12 months.
2	Acquired in a transaction exempt from registration under section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $597,791,000, which represented .89% of the net assets of the fund.

Key to abbreviation
ADR = American Depositary Receipts

See Notes to Financial Statements

8 Washington Mutual Investors Fund

Financial statements  

Statement of assets and liabilities
at October 31, 2013 unaudited
(dollars in thousands)

Assets:
Investment securities, at value (cost: $44,180,466)			$	67,474,246
Cash				1,398
Receivables for:
Sales of fund’s shares	$	64,607
Dividends		90,752		155,359
				67,631,003
Liabilities:
Payables for:
Purchases of investments		36,116
Repurchases of fund’s shares		90,811
Management services		13,435
Services provided by related parties		28,619
Board members’ deferred compensation		4,842
Other		195		174,018
Net assets at October 31, 2013			$	67,456,985
Net assets consist of:
Capital paid in on shares of beneficial interest			$	42,435,244
Undistributed net investment income				327,320
Undistributed net realized gain				1,400,641
Net unrealized appreciation				23,293,780
Net assets at October 31, 2013			$	67,456,985

(dollars and shares in thousands, except per-share amounts)

Shares of beneficial interest issued and outstanding (no stated par value) —

unlimited shares authorized (1,754,266 total shares outstanding)

	Net assets		Shares outstanding		Net asset value per share
Class A	$	47,957,139		1,245,976	$	38.49
Class B		286,322		7,482		38.27
Class C		1,810,046		47,502		38.10
Class F-1		3,531,540		92,023		38.38
Class F-2		1,617,709		42,041		38.48
Class 529-A		1,606,886		41,817		38.43
Class 529-B		49,481		1,292		38.29
Class 529-C		420,701		11,013		38.20
Class 529-E		84,227		2,201		38.26
Class 529-F-1		91,241		2,378		38.37
Class R-1		96,292		2,522		38.18
Class R-2		790,908		20,771		38.08
Class R-3		1,794,728		46,925		38.25
Class R-4		1,960,325		51,120		38.35
Class R-5		1,619,524		42,086		38.48
Class R-6		3,739,916		97,117		38.51

See Notes to Financial Statements

Washington Mutual Investors Fund 9

Statement of operations for the six months ended October 31, 2013	unaudited (dollars in thousands)
Investment income:
Income:
Dividends (net of non-U.S. taxes of $4,503)	$	820,621
Interest		977		$	821,598
Fees and expenses*:
Investment advisory services		63,193
Business management services		14,368
Distribution services		83,376
Transfer agent services		32,837
Administrative services		6,842
Reports to shareholders		1,403
Registration statement and prospectus		461
Board members’ compensation		1,174
Auditing and legal		141
Custodian		368
State and local taxes		—	†
Other		1,305			205,468
Net investment income					616,130
Net realized gain and unrealized appreciation on investments:
Net realized gain on investments					1,151,055
Net unrealized appreciation on investments					4,804,021
Net realized gain and unrealized appreciation on investments					5,955,076
Net increase in net assets resulting from operations				$	6,571,206

* Additional information related to class-specific fees and expenses is included in the Notes to Financial Statements.

^† Amount less than one thousand.

See Notes to Financial Statements

10 Washington Mutual Investors Fund

Statements of changes in net assets

(dollars in thousands)  

	Six months ended October 31, 2013*			Year ended April 30, 2013
Operations:
Net investment income	$	616,130		$	1,273,155
Net realized gain on investments		1,151,055			2,442,031
Net unrealized appreciation on investments		4,804,021			5,415,758
Net increase in net assets resulting from operations		6,571,206			9,130,944
Dividends paid to shareholders from net investment income		(602,551	)		(1,269,560	)
Net capital share transactions		48,612			(1,521,502	)
Total increase in net assets		6,017,267			6,339,882
Net assets:
Beginning of period		61,439,718			55,099,836
End of period (including undistributed net investment income: $327,320 and $313,741, respectively)	$	67,456,985		$	61,439,718

* Unaudited.

See Notes to Financial Statements

Washington Mutual Investors Fund 11

Notes to financial statements unaudited

1. Organization  

Washington Mutual Investors Fund (the “fund”) is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company. The fund’s investment objective is to produce income and to provide an opportunity for growth of principal consistent with sound common stock investing.

The fund has 16 share classes consisting of five retail share classes (Classes A, B and C, as well as two F share classes, F-1 and F-2), five 529 college savings plan share classes (Classes 529-A, 529-B, 529-C, 529-E and 529-F-1) and six retirement plan share classes (Classes R-1, R-2, R-3, R-4, R-5 and R-6). The 529 college savings plan share classes can be used to save for college education. The retirement plan share classes are generally offered only through eligible employer-sponsored retirement plans. The fund’s share classes are further described below:

		Contingent deferred sales
Share class	Initial sales charge	charge upon redemption	Conversion feature
Classes A and 529-A	Up to 5.75%	None (except 1% for certain redemptions within one year of purchase without an initial sales charge)	None
Classes B and 529-B*	None	Declines from 5% to 0% for redemptions within six years of purchase	Classes B and 529-B convert to Classes A and 529-A, respectively, after eight years
Class C	None	1% for redemptions within one year of purchase	Class C converts to Class F-1 after 10 years
Class 529-C	None	1% for redemptions within one year of purchase	None
Class 529-E	None	None	None
Classes F-1, F-2 and 529-F-1	None	None	None
Classes R-1, R-2, R-3, R-4, R-5 and R-6	None	None	None

* Class B and 529-B shares of the fund are not available for purchase.

Holders of all share classes have equal pro rata rights to assets, dividends and liquidation proceeds. Each share class has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for distribution, administrative and shareholder services. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each share class.

12 Washington Mutual Investors Fund

2. Significant accounting policies

The financial statements have been prepared to comply with accounting principles generally accepted in the United States of America. These principles require management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. The fund follows the significant accounting policies described below, as well as the valuation policies described in the next section on valuation.

Security transactions and related investment income — Security transactions are recorded by the fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the fund will segregate liquid assets sufficient to meet its payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

Class allocations — Income, fees and expenses (other than class-specific fees and expenses) and realized and unrealized gains and losses are allocated daily among the various share classes based on their relative net assets. Class-specific fees and expenses, such as distribution, administrative and shareholder services, are charged directly to the respective share class.

Dividends and distributions to shareholders — Dividends and distributions to shareholders are recorded on the ex-dividend date.

3. Valuation

Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. The net asset value of each share class of the fund is generally determined as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open.

Methods and inputs — The fund’s investment adviser uses the following methods and inputs to establish the fair value of the fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Equity securities are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded,

Washington Mutual Investors Fund 13

as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades.

Fixed-income securities, including short-term securities purchased with more than 60 days left to maturity, are generally valued at prices obtained from one or more pricing vendors. Vendors value such securities based on one or more of the following inputs: benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads, interest rate volatilities, and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data.

When the fund’s investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or not deemed to be representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type.

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described above for either equity or fixed-income securities, depending on which method is deemed most appropriate by the fund’s investment adviser. Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates fair value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par when they reach 60 days.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by authority of the fund’s board of trustees as further described below. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights

14 Washington Mutual Investors Fund

on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

Processes and structure — The fund’s board of trustees has delegated authority to the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees with supplemental information to support the changes. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.

The fund’s investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews, including an annual control self-evaluation program facilitated by the investment adviser’s compliance group.

Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following table presents the fund’s valuation levels as of October 31, 2013 (dollars in thousands):

Washington Mutual Investors Fund 15

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Energy	$	7,993,449	$	—	$	—	$	7,993,449
Materials		2,299,097		—		—		2,299,097
Industrials		13,520,157		—		—		13,520,157
Consumer discretionary		7,911,467		—		—		7,911,467
Consumer staples		6,292,836		—		—		6,292,836
Health care		7,606,894		—		—		7,606,894
Financials		9,341,270		—		—		9,341,270
Information technology		4,756,282		—		—		4,756,282
Telecommunication services		2,881,207		—		—		2,881,207
Utilities		2,523,359		—		—		2,523,359
Miscellaneous		644,691		—		—		644,691
Short-term securities				1,703,537		—		1,703,537
Total	$	65,770,709	$	1,703,537	$	—	$	67,474,246

4. Risk factors

Investing in the fund may involve certain risks including, but not limited to, those described below.

Market conditions — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline due to market conditions and other factors, including those directly involving the issuers of securities held by the fund.

Investing in income-oriented stocks — Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the fund invests.

Investing in growth-oriented stocks — Growth-oriented stocks may involve larger price swings and greater potential for loss than other types of investments.

Management — The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

16 Washington Mutual Investors Fund

5. Taxation and distributions

Federal income taxation — The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intends to distribute substantially all of its net taxable income and net capital gains each year. The fund is not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the period ended October 31, 2013, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the fund did not incur any interest or penalties.

The fund is not subject to examination by U.S. federal tax authorities or state tax authorities for tax years before 2009.

Non-U.S. taxation — Dividend income is recorded net of non-U.S. taxes paid.

Distributions — Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase and deferred expenses. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the fund for financial reporting purposes.

The components of distributable earnings on a tax basis are reported as of the fund’s most recent year-end. As of April 30, 2013, the fund had tax basis undistributed ordinary income of $318,094,000 and undistributed long-term capital gains of $277,983,000.

As of October 31, 2013, the tax basis unrealized appreciation (depreciation) and cost of investment securities were as follows (dollars in thousands):

Gross unrealized appreciation on investment securities	$	23,627,170
Gross unrealized depreciation on investment securities		(362,694	)
Net unrealized appreciation on investment securities		23,264,476
Cost of investment securities		44,209,770

Washington Mutual Investors Fund 17

Tax-basis distributions paid to shareholders from ordinary income were as follows (dollars in thousands):

Share class	Six months ended October 31, 2013		Year ended April 30, 2013
Class A	$	437,204	$	937,751
Class B		1,679		5,901
Class C		9,984		25,966
Class F-1		29,999		60,363
Class F-2		15,765		27,203
Class 529-A		13,943		29,211
Class 529-B		258		873
Class 529-C		2,145		5,240
Class 529-E		637		1,377
Class 529-F-1		884		1,764
Class R-1		530		1,321
Class R-2		4,650		11,237
Class R-3		13,609		29,721
Class R-4		18,173		37,388
Class R-5		16,756		33,290
Class R-6		36,335		60,954
Total	$	602,551	$	1,269,560

6. Fees and transactions with related parties

CRMC, the fund’s investment adviser, is the parent company of American Funds Distributors,^® Inc. (“AFD”), the principal underwriter of the fund’s shares, American Funds Service Company^® (“AFS”), the fund’s transfer agent, and Washington Management Corporation (“WMC”), the fund’s business manager. CRMC, AFD, AFS and WMC are considered related parties to the fund.

Investment advisory services — The fund has an investment advisory agreement with CRMC that provides for monthly fees accrued daily. These fees are based on a series of decreasing annual rates beginning with 0.225% on the first $3 billion of daily net assets and decreasing to 0.177% on such assets in excess of $89 billion. For the six months ended October 31, 2013, the investment advisory services fee was $63,193,000, which was equivalent to an annualized rate of 0.196% of average daily net assets.

18 Washington Mutual Investors Fund

Business management services — The fund has a business management agreement with WMC. Under this agreement, WMC provides services necessary to carry on the fund’s general administrative and corporate affairs. These services encompass matters relating to general corporate governance, regulatory compliance and monitoring of the fund’s contractual service providers, including custodian operations, shareholder services and fund share distribution functions. Under the agreement, all expenses chargeable to the Class A shares of the fund, including compensation to the business manager, shall not exceed 1% of the Class A average net assets of the fund on an annual basis. The agreement provides for monthly fees, accrued daily, based on a series of decreasing annual rates beginning with 0.117% on the first $3 billion of daily net assets and decreasing to 0.0375% on such assets in excess of $44 billion. For the six months ended October 31, 2013, the business management services fee was $14,368,000, which was equivalent to an annualized rate of 0.044% of average daily net assets.

Class-specific fees and expenses — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are described below:

Distribution services — The fund has plans of distribution for all share classes, except Class F-2, R-5 and R-6 shares. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.25% to 1.00% as noted on the following page. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes with a plan may use up to 0.25% of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.

For Class A and 529-A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These share classes reimburse AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limit of 0.25% is not exceeded. As of October 31, 2013, there were no unreimbursed expenses subject to reimbursement for Class A or 529-A shares.

Washington Mutual Investors Fund 19

Share class	Currently approved limits			Plan limits
Class A		0.25	%		0.25	%
Class 529-A		0.25			0.50
Classes B and 529-B		1.00			1.00
Classes C, 529-C and R-1		1.00			1.00
Class R-2		0.75			1.00
Classes 529-E and R-3		0.50			0.75
Classes F-1, 529-F-1 and R-4		0.25			0.50

Transfer agent services — The fund has a shareholder services agreement with AFS under which the fund compensates AFS for providing transfer agent services to each of the fund’s share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, the fund reimburses AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.

Administrative services — The fund has an administrative services agreement with CRMC under which the fund compensates CRMC for providing administrative services to Class A, C, F, 529 and R shares. These services include, but are not limited to, coordinating, monitoring, assisting and overseeing third parties that provide services to fund shareholders. Under the agreement, Class A shares pay an annual fee of 0.01% and Class C, F, 529 and R shares pay an annual fee of 0.05% of their respective average daily net assets.

529 plan services — Each 529 share class is subject to service fees to compensate the Commonwealth of Virginia for the maintenance of the 529 college savings plan. The quarterly fee is based on a series of decreasing annual rates beginning with 0.10% on the first $30 billion of the net assets invested in Class 529 shares of the American Funds and decreasing to 0.06% on such assets between $120 billion and $150 billion. The fee for any given calendar quarter is accrued and calculated on the basis of the average net assets of Class 529 shares of the American Funds for the last month of the prior calendar quarter. The fee is included in other expenses on the accompanying financial statements. The Commonwealth of Virginia is not considered a related party.

20 Washington Mutual Investors Fund

For the six months ended October 31, 2013, class-specific expenses under the agreements were as follows (dollars in thousands):

Share class	Distribution services		Transfer agent services		Administrative services		529 plan services
Class A		$54,660		$24,122		$2,310	Not applicable
Class B		1,512		167		Not applicable	Not applicable
Class C		8,914		916		447	Not applicable
Class F-1		4,055		2,124		815	Not applicable
Class F-2		Not applicable		820		375	Not applicable
Class 529-A		1,693		590		385	$752
Class 529-B		259		24		13	26
Class 529-C		2,015		170		102	198
Class 529-E		200		22		20	40
Class 529-F-1		—		33		22	42
Class R-1		457		46		23	Not applicable
Class R-2		2,881		1,127		194	Not applicable
Class R-3		4,320		1,337		434	Not applicable
Class R-4		2,410		945		484	Not applicable
Class R-5		Not applicable		387		393	Not applicable
Class R-6		Not applicable		7		825	Not applicable
Total class-specific expenses		$83,376		$32,837		$6,842	$1,058

Board members’ deferred compensation — Board members who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the fund, are treated as if invested in shares of the fund or other American Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Board members’ compensation of $1,174,000, shown on the accompanying financial statements, includes $836,000 in current fees (either paid in cash or deferred) and a net increase of $338,000 in the value of the deferred amounts.

Affiliated officers and trustees — Officers and certain trustees of the fund are or may be considered to be affiliated with CRMC, AFD, AFS and WMC. No affiliated officers or trustees received any compensation directly from the fund.

Washington Mutual Investors Fund 21

7. Capital share transactions

Capital share transactions in the fund were as follows (dollars and shares in thousands):

	Sales*				Reinvestments of dividends				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended October 31, 2013
Class A	$	1,646,422		44,987	$	423,989		11,701	$	(2,519,762	)		(68,855	)	$	(449,351	)		(12,167	)
Class B		3,913		108		1,664		46		(70,525	)		(1,942	)		(64,948	)		(1,788	)
Class C		139,717		3,852		9,723		271		(261,126	)		(7,210	)		(111,686	)		(3,087	)
Class F-1		511,998		14,018		29,564		818		(316,133	)		(8,659	)		225,429			6,177
Class F-2		251,864		6,876		14,413		398		(174,521	)		(4,767	)		91,756			2,507
Class 529-A		76,973		2,106		13,940		386		(91,626	)		(2,506	)		(713	)		(14	)
Class 529-B		597		17		258		7		(11,525	)		(317	)		(10,670	)		(293	)
Class 529-C		19,109		526		2,144		59		(28,324	)		(780	)		(7,071	)		(195	)
Class 529-E		3,860		106		637		18		(4,910	)		(135	)		(413	)		(11	)
Class 529-F-1		7,906		217		883		25		(6,287	)		(172	)		2,502			70
Class R-1		10,979		302		529		15		(11,090	)		(305	)		418			12
Class R-2		79,966		2,208		4,646		129		(118,051	)		(3,266	)		(33,439	)		(929	)
Class R-3		184,425		5,072		13,604		378		(209,435	)		(5,763	)		(11,406	)		(313	)
Class R-4		229,890		6,331		18,169		503		(287,912	)		(7,867	)		(39,853	)		(1,033	)
Class R-5		167,009		4,544		16,699		461		(213,538	)		(5,805	)		(29,830	)		(800	)
Class R-6		654,694		17,823		36,280		1,000		(203,087	)		(5,552	)		487,887			13,271
Total net increase (decrease)	$	3,989,322		109,093	$	587,142		16,215	$	(4,527,852	)		(123,901	)	$	48,612			1,407
Year ended April 30, 2013
Class A	$	2,718,140		86,247	$	907,807		28,837	$	(5,727,400	)		(182,287	)	$	(2,101,453	)		(67,203	)
Class B		8,075		261		5,834		188		(248,866	)		(7,996	)		(234,957	)		(7,547	)
Class C		197,446		6,315		25,218		810		(489,016	)		(15,709	)		(266,352	)		(8,584	)
Class F-1		776,912		24,737		59,530		1,896		(781,041	)		(25,154	)		55,401			1,479
Class F-2		566,619		18,058		24,544		776		(255,466	)		(8,077	)		335,697			10,757
Class 529-A		159,275		5,078		29,203		928		(171,460	)		(5,456	)		17,018			550
Class 529-B		1,143		36		872		28		(33,369	)		(1,073	)		(31,354	)		(1,009	)
Class 529-C		42,641		1,368		5,238		168		(56,827	)		(1,819	)		(8,948	)		(283	)
Class 529-E		8,100		258		1,377		44		(9,166	)		(293	)		311			9
Class 529-F-1		14,424		461		1,764		56		(14,584	)		(465	)		1,604			52
Class R-1		17,401		563		1,318		42		(28,528	)		(912	)		(9,809	)		(307	)
Class R-2		162,207		5,197		11,219		360		(229,227	)		(7,348	)		(55,801	)		(1,791	)
Class R-3		392,939		12,590		29,708		949		(429,524	)		(13,722	)		(6,877	)		(183	)
Class R-4		486,823		15,604		37,374		1,191		(490,245	)		(15,660	)		33,952			1,135
Class R-5		389,129		12,402		33,153		1,052		(341,760	)		(10,956	)		80,522			2,498
Class R-6		891,637		28,351		60,915		1,926		(283,008	)		(8,941	)		669,544			21,336
Total net increase (decrease)	$	6,832,911		217,526	$	1,235,074		39,251	$	(9,589,487	)		(305,868	)	$	(1,521,502	)		(49,091	)

* Includes exchanges between share classes of the fund.

22 Washington Mutual Investors Fund

8. Investment transactions

The fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $4,284,808,000 and $4,327,946,000, respectively, during the six months ended October 31, 2013.

Washington Mutual Investors Fund 23

Financial highlights

				Income (loss) from investment operations1
		Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations
Class A:	Six months ended 10/31/20134,5	$	35.08	$	.36	$	3.40		$	3.76
	Year ended 4/30/2013		30.61		.73		4.47			5.20
	Year ended 4/30/2012		29.66		.68		.97			1.65
	Year ended 4/30/2011		25.84		.70		3.80			4.50
	Year ended 4/30/2010		19.81		.65		6.06			6.71
	Year ended 4/30/2009		31.92		.64		(11.53	)		(10.89	)
Class B:	Six months ended 10/31/20134,5		34.88		.22		3.38			3.60
	Year ended 4/30/2013		30.42		.50		4.44			4.94
	Year ended 4/30/2012		29.45		.47		.97			1.44
	Year ended 4/30/2011		25.66		.51		3.75			4.26
	Year ended 4/30/2010		19.67		.48		6.01			6.49
	Year ended 4/30/2009		31.71		.45		(11.46	)		(11.01	)
Class C:	Six months ended 10/31/20134,5		34.74		.21		3.35			3.56
	Year ended 4/30/2013		30.31		.48		4.43			4.91
	Year ended 4/30/2012		29.37		.45		.96			1.41
	Year ended 4/30/2011		25.60		.48		3.76			4.24
	Year ended 4/30/2010		19.63		.46		6.00			6.46
	Year ended 4/30/2009		31.65		.44		(11.44	)		(11.00	)
Class F-1:	Six months ended 10/31/20134,5		34.99		.34		3.39			3.73
	Year ended 4/30/2013		30.53		.71		4.47			5.18
	Year ended 4/30/2012		29.59		.66		.97			1.63
	Year ended 4/30/2011		25.77		.68		3.81			4.49
	Year ended 4/30/2010		19.76		.64		6.04			6.68
	Year ended 4/30/2009		31.85		.64		(11.51	)		(10.87	)
Class F-2:	Six months ended 10/31/20134,5		35.08		.39		3.40			3.79
	Year ended 4/30/2013		30.60		.79		4.49			5.28
	Year ended 4/30/2012		29.66		.74		.96			1.70
	Year ended 4/30/2011		25.84		.74		3.81			4.55
	Year ended 4/30/2010		19.81		.68		6.09			6.77
	Period from 8/5/2008 to 4/30/20094		29.64		.46		(9.22	)		(8.76	)

24 Washington Mutual Investors Fund

Dividends and distributions
Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)		Ratio of expenses to average net assets before waivers			Ratio of expenses to average net assets after waivers3			Ratio of net income to average net assets3
$	(.35	)	$	—		$	(.35	)	$	38.49		10.78	%	$	47,957		.60	%6		.60	%6		1.94	%6
	(.73	)		—			(.73	)		35.08		17.28			44,142		.62			.62			2.32
	(.70	)		—			(.70	)		30.61		5.83			40,566		.62			.62			2.39
	(.68	)		—			(.68	)		29.66		17.77			41,375		.63			.63			2.67
	(.68	)		—			(.68	)		25.84		34.29			39,349		.70			.70			2.80
	(.72	)		(.50	)		(1.22	)		19.81		(34.50	)		34,012		.67			.65			2.60
	(.21	)		—			(.21	)		38.27		10.34			286		1.36	6		1.36	6		1.22	6
	(.48	)		—			(.48	)		34.88		16.41			323		1.37			1.37			1.61
	(.47	)		—			(.47	)		30.42		5.06			511		1.38			1.38			1.68
	(.47	)		—			(.47	)		29.45		16.88			889		1.39			1.39			1.98
	(.50	)		—			(.50	)		25.66		33.31			1,249		1.46			1.46			2.07
	(.53	)		(.50	)		(1.03	)		19.67		(35.01	)		1,389		1.42			1.40			1.85
	(.20	)		—			(.20	)		38.10		10.30			1,810		1.40	6		1.40	6		1.15	6
	(.48	)		—			(.48	)		34.74		16.39			1,757		1.42			1.42			1.53
	(.47	)		—			(.47	)		30.31		4.99			1,794		1.42			1.42			1.60
	(.47	)		—			(.47	)		29.37		16.82			1,934		1.44			1.44			1.86
	(.49	)		—			(.49	)		25.60		33.23			1,830		1.50			1.50			2.00
	(.52	)		(.50	)		(1.02	)		19.63		(35.04	)		1,613		1.47			1.44			1.80
	(.34	)		—			(.34	)		38.38		10.72			3,532		.68	6		.68	6		1.85	6
	(.72	)		—			(.72	)		34.99		17.25			3,004		.66			.66			2.27
	(.69	)		—			(.69	)		30.53		5.78			2,575		.66			.66			2.34
	(.67	)		—			(.67	)		29.59		17.79			2,067		.66			.66			2.62
	(.67	)		—			(.67	)		25.77		34.26			1,770		.71			.71			2.78
	(.72	)		(.50	)		(1.22	)		19.76		(34.52	)		1,506		.67			.65			2.59
	(.39	)		—			(.39	)		38.48		10.87			1,618		.41	6		.41	6		2.12	6
	(.80	)		—			(.80	)		35.08		17.57			1,387		.41			.41			2.51
	(.76	)		—			(.76	)		30.60		6.04			881		.40			.40			2.59
	(.73	)		—			(.73	)		29.66		18.05			630		.41			.41			2.83
	(.74	)		—			(.74	)		25.84		34.65			416		.46			.46			2.91
	(.57	)		(.50	)		(1.07	)		19.81		(29.77	)		147		.44	5		.43	5		3.10	5

See page 29 for footnotes.

Washington Mutual Investors Fund 25

Financial highlights (continued)

				Income (loss) from investment operations1
		Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations
Class 529-A:	Six months ended 10/31/20134,5	$	35.03	$	.34	$	3.39		$	3.73
	Year ended 4/30/2013		30.56		.70		4.47			5.17
	Year ended 4/30/2012		29.62		.65		.97			1.62
	Year ended 4/30/2011		25.80		.67		3.81			4.48
	Year ended 4/30/2010		19.78		.63		6.05			6.68
	Year ended 4/30/2009		31.89		.62		(11.52	)		(10.90	)
Class 529-B:	Six months ended 10/31/20134,5		34.90		.20		3.37			3.57
	Year ended 4/30/2013		30.44		.46		4.44			4.90
	Year ended 4/30/2012		29.48		.44		.96			1.40
	Year ended 4/30/2011		25.68		.48		3.77			4.25
	Year ended 4/30/2010		19.69		.45		6.02			6.47
	Year ended 4/30/2009		31.74		.42		(11.47	)		(11.05	)
Class 529-C:	Six months ended 10/31/20134,5		34.83		.20		3.36			3.56
	Year ended 4/30/2013		30.39		.45		4.45			4.90
	Year ended 4/30/2012		29.46		.43		.96			1.39
	Year ended 4/30/2011		25.67		.47		3.78			4.25
	Year ended 4/30/2010		19.68		.45		6.02			6.47
	Year ended 4/30/2009		31.73		.43		(11.47	)		(11.04	)
Class 529-E:	Six months ended 10/31/20134,5		34.88		.29		3.38			3.67
	Year ended 4/30/2013		30.44		.62		4.44			5.06
	Year ended 4/30/2012		29.50		.58		.96			1.54
	Year ended 4/30/2011		25.70		.60		3.79			4.39
	Year ended 4/30/2010		19.71		.56		6.03			6.59
	Year ended 4/30/2009		31.77		.55		(11.48	)		(10.93	)
Class 529-F-1:	Six months ended 10/31/20134,5		34.98		.38		3.38			3.76
	Year ended 4/30/2013		30.51		.77		4.47			5.24
	Year ended 4/30/2012		29.58		.71		.96			1.67
	Year ended 4/30/2011		25.77		.73		3.79			4.52
	Year ended 4/30/2010		19.76		.68		6.04			6.72
	Year ended 4/30/2009		31.85		.67		(11.50	)		(10.83	)

26 Washington Mutual Investors Fund

Dividends and distributions
Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)		Ratio of expenses to average net assets before waivers			Ratio of expenses to average net assets after waivers3			Ratio of net income to average net assets3
$	(.33	)	$	—		$	(.33	)	$	38.43		10.72	%	$	1,607		.70	%6		.70	%6		1.85	%6
	(.70	)		—			(.70	)		35.03		17.21			1,465		.71			.71			2.23
	(.68	)		—			(.68	)		30.56		5.72			1,262		.71			.71			2.30
	(.66	)		—			(.66	)		29.62		17.73			1,138		.70			.70			2.58
	(.66	)		—			(.66	)		25.80		34.20			932		.76			.76			2.71
	(.71	)		(.50	)		(1.21	)		19.78		(34.57	)		709		.73			.71			2.55
	(.18	)		—			(.18	)		38.29		10.27			49		1.48	6		1.48	6		1.09	6
	(.44	)		—			(.44	)		34.90		16.26			56		1.50			1.50			1.48
	(.44	)		—			(.44	)		30.44		4.90			79		1.50			1.50			1.55
	(.45	)		—			(.45	)		29.48		16.79			117		1.50			1.50			1.85
	(.48	)		—			(.48	)		25.68		33.15			145		1.56			1.56			1.93
	(.50	)		(.50	)		(1.00	)		19.69		(35.08	)		126		1.53			1.51			1.74
	(.19	)		—			(.19	)		38.20		10.27			421		1.47	6		1.47	6		1.07	6
	(.46	)		—			(.46	)		34.83		16.31			390		1.49			1.49			1.45
	(.46	)		—			(.46	)		30.39		4.88			349		1.49			1.49			1.52
	(.46	)		—			(.46	)		29.46		16.79			330		1.49			1.49			1.80
	(.48	)		—			(.48	)		25.67		33.19			288		1.55			1.55			1.93
	(.51	)		(.50	)		(1.01	)		19.68		(35.08	)		226		1.52			1.50			1.75
	(.29	)		—			(.29	)		38.26		10.57			84		.95	6		.95	6		1.59	6
	(.62	)		—			(.62	)		34.88		16.89			77		.96			.96			1.97
	(.60	)		—			(.60	)		30.44		5.46			67		.97			.97			2.04
	(.59	)		—			(.59	)		29.50		17.40			62		.98			.98			2.30
	(.60	)		—			(.60	)		25.70		33.80			53		1.05			1.05			2.43
	(.63	)		(.50	)		(1.13	)		19.71		(34.74	)		41		1.02			1.00			2.26
	(.37	)		—			(.37	)		38.37		10.84			91		.48	6		.48	6		2.06	6
	(.77	)		—			(.77	)		34.98		17.49			81		.49			.49			2.45
	(.74	)		—			(.74	)		30.51		5.93			69		.49			.49			2.52
	(.71	)		—			(.71	)		29.58		17.96			63		.48			.48			2.79
	(.71	)		—			(.71	)		25.77		34.48			51		.55			.55			2.91
	(.76	)		(.50	)		(1.26	)		19.76		(34.41	)		35		.52			.50			2.77

See page 29 for footnotes.

Washington Mutual Investors Fund 27

Financial highlights (continued)

				Income (loss) from investment operations1
		Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations
Class R-1:	Six months ended 10/31/20134,5	$	34.81	$	.21	$	3.37		$	3.58
	Year ended 4/30/2013		30.37		.48		4.45			4.93
	Year ended 4/30/2012		29.44		.45		.96			1.41
	Year ended 4/30/2011		25.65		.48		3.79			4.27
	Year ended 4/30/2010		19.68		.46		6.01			6.47
	Year ended 4/30/2009		31.72		.45		(11.46	)		(11.01	)
Class R-2:	Six months ended 10/31/20134,5		34.71		.22		3.37			3.59
	Year ended 4/30/2013		30.30		.49		4.42			4.91
	Year ended 4/30/2012		29.36		.46		.96			1.42
	Year ended 4/30/2011		25.59		.49		3.76			4.25
	Year ended 4/30/2010		19.62		.45		6.01			6.46
	Year ended 4/30/2009		31.64		.43		(11.44	)		(11.01	)
Class R-3:	Six months ended 10/31/20134,5		34.87		.29		3.38			3.67
	Year ended 4/30/2013		30.43		.62		4.45			5.07
	Year ended 4/30/2012		29.49		.58		.97			1.55
	Year ended 4/30/2011		25.69		.60		3.79			4.39
	Year ended 4/30/2010		19.70		.57		6.02			6.59
	Year ended 4/30/2009		31.76		.56		(11.48	)		(10.92	)
Class R-4:	Six months ended 10/31/20134,5		34.96		.35		3.38			3.73
	Year ended 4/30/2013		30.50		.71		4.47			5.18
	Year ended 4/30/2012		29.56		.67		.96			1.63
	Year ended 4/30/2011		25.76		.68		3.79			4.47
	Year ended 4/30/2010		19.75		.64		6.04			6.68
	Year ended 4/30/2009		31.83		.63		(11.50	)		(10.87	)
Class R-5:	Six months ended 10/31/20134,5		35.08		.40		3.40			3.80
	Year ended 4/30/2013		30.60		.81		4.48			5.29
	Year ended 4/30/2012		29.66		.75		.97			1.72
	Year ended 4/30/2011		25.83		.76		3.82			4.58
	Year ended 4/30/2010		19.80		.72		6.05			6.77
	Year ended 4/30/2009		31.92		.70		(11.53	)		(10.83	)
Class R-6:	Six months ended 10/31/20134,5		35.10		.41		3.41			3.82
	Year ended 4/30/2013		30.62		.82		4.49			5.31
	Year ended 4/30/2012		29.68		.76		.97			1.73
	Year ended 4/30/2011		25.85		.77		3.82			4.59
	Year ended 4/30/2010		19.95		.71		5.93			6.64

	Six months ended October 31, 20134,5
				Year ended April 30
				2013		2012		2011			2010			2009
Portfolio turnover rate for all share classes		7	%	22	%	22	%		25	%		22	%		39	%

28 Washington Mutual Investors Fund

Dividends and distributions
Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return3			Net assets, end of period (in millions)		Ratio of expenses to average net assets before waivers			Ratio of expenses to average net assets after waivers3			Ratio of net income to average net assets3
$	(.21	)	$	—		$	(.21	)	$	38.18		10.32	%	$	96		1.39	%6		1.39	%6		1.15	%6
	(.49	)		—			(.49	)		34.81		16.42			88		1.40			1.40			1.54
	(.48	)		—			(.48	)		30.37		4.97			86		1.40			1.40			1.60
	(.48	)		—			(.48	)		29.44		16.90			81		1.41			1.41			1.86
	(.50	)		—			(.50	)		25.65		33.21			67		1.47			1.47			1.98
	(.53	)		(.50	)		(1.03	)		19.68		(34.99	)		44		1.43			1.41			1.85
	(.22	)		—			(.22	)		38.08		10.38			791		1.34	6		1.34	6		1.21	6
	(.50	)		—			(.50	)		34.71		16.39			753		1.37			1.37			1.57
	(.48	)		—			(.48	)		30.30		5.03			712		1.39			1.39			1.63
	(.48	)		—			(.48	)		29.36		16.85			745		1.41			1.41			1.89
	(.49	)		—			(.49	)		25.59		33.23			694		1.52			1.52			1.96
	(.51	)		(.50	)		(1.01	)		19.62		(35.07	)		548		1.50			1.48			1.77
	(.29	)		—			(.29	)		38.25		10.58			1,795		.95	6		.95	6		1.59	6
	(.63	)	��	—			(.63	)		34.87		16.90			1,647		.97			.97			1.97
	(.61	)		—			(.61	)		30.43		5.47			1,443		.96			.96			2.05
	(.59	)		—			(.59	)		29.49		17.41			1,367		.97			.97			2.33
	(.60	)		—			(.60	)		25.69		33.85			1,280		1.03			1.03			2.45
	(.64	)		(.50	)		(1.14	)		19.70		(34.72	)		1,010		.97			.95			2.29
	(.34	)		—			(.34	)		38.35		10.74			1,960		.65	6		.65	6		1.90	6
	(.72	)		—			(.72	)		34.96		17.28			1,823		.65			.65			2.28
	(.69	)		—			(.69	)		30.50		5.79			1,556		.65			.65			2.35
	(.67	)		—			(.67	)		29.56		17.73			1,407		.66			.66			2.61
	(.67	)		—			(.67	)		25.76		34.29			1,121		.72			.72			2.75
	(.71	)		(.50	)		(1.21	)		19.75		(34.52	)		782		.69			.67			2.59
	(.40	)		—			(.40	)		38.48		10.90			1,620		.35	6		.35	6		2.19	6
	(.81	)		—			(.81	)		35.08		17.63			1,504		.35			.35			2.57
	(.78	)		—			(.78	)		30.60		6.09			1,236		.35			.35			2.65
	(.75	)		—			(.75	)		29.66		18.14			1,021		.36			.36			2.92
	(.74	)		—			(.74	)		25.83		34.62			868		.42			.42			3.08
	(.79	)		(.50	)		(1.29	)		19.80		(34.31	)		1,129		.39			.37			2.91
	(.41	)		—			(.41	)		38.51		10.95			3,740		.30	6		.30	6		2.22	6
	(.83	)		—			(.83	)		35.10		17.68			2,943		.30			.30			2.61
	(.79	)		—			(.79	)		30.62		6.14			1,914		.31			.31			2.68
	(.76	)		—			(.76	)		29.68		18.18			1,401		.31			.31			2.91
	(.74	)		—			(.74	)		25.85		33.79			807		.37			.37			3.03

1	Based on average shares outstanding.
2	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
3	This column reflects the impact, if any, of certain waivers from CRMC and WMC. During one of the periods shown, CRMC and WMC reduced fees for investment advisory services and business management services, respectively.
4	Based on operations for the period shown and, accordingly, is not representative of a full year.
5	Unaudited.
6	Annualized.

See Notes to Financial Statements

Washington Mutual Investors Fund 29

Expense example unaudited

As a fund shareholder, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (May 1, 2013, through October 31, 2013).

Actual expenses:

The first line of each share class in the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses paid during period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes:

The second line of each share class in the table on the following page provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Notes:

There are some account fees that are charged to certain types of accounts, such as individual retirement accounts and 529 college savings plan accounts (generally, a $10 fee is charged to set up the account and an additional $10 fee is charged to the account annually), that would increase the amount of expenses paid on your account. In addition, retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F-1, F-2 and 529-F-1 shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

Note that the expenses shown in the table on the following page are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

30 Washington Mutual Investors Fund

	Beginning account value 5/1/2013			Ending account value 10/31/2013		Expenses paid during period*		Annualized expense ratio
Class A — actual return	$	1,000.00		$	1,107.82	$	3.19		.60	%
Class A — assumed 5% return		1,000.00			1,022.18		3.06		.60
Class B — actual return		1,000.00			1,103.44		7.21		1.36
Class B — assumed 5% return		1,000.00			1,018.35		6.92		1.36
Class C — actual return		1,000.00			1,102.96		7.42		1.40
Class C — assumed 5% return		1,000.00			1,018.15		7.12		1.40
Class F-1 — actual return		1,000.00			1,107.22		3.61		.68
Class F-1 — assumed 5% return		1,000.00			1,021.78		3.47		.68
Class F-2 — actual return		1,000.00			1,108.72		2.18		.41
Class F-2 — assumed 5% return		1,000.00			1,023.14		2.09		.41
Class 529-A — actual return		1,000.00			1,107.21		3.72		.70
Class 529-A — assumed 5% return		1,000.00			1,021.68		3.57		.70
Class 529-B — actual return		1,000.00			1,102.71		7.84		1.48
Class 529-B — assumed 5% return		1,000.00			1,017.74		7.53		1.48
Class 529-C — actual return		1,000.00			1,102.68		7.79		1.47
Class 529-C — assumed 5% return		1,000.00			1,017.80		7.48		1.47
Class 529-E — actual return		1,000.00			1,105.71		5.04		.95
Class 529-E — assumed 5% return		1,000.00			1,020.42		4.84		.95
Class 529-F-1 — actual return		1,000.00			1,108.36		2.55		.48
Class 529-F-1 — assumed 5% return		1,000.00	��		1,022.79		2.45		.48
Class R-1 — actual return		1,000.00			1,103.21		7.37		1.39
Class R-1 — assumed 5% return		1,000.00			1,018.20		7.07		1.39
Class R-2 — actual return		1,000.00			1,103.82		7.11		1.34
Class R-2 — assumed 5% return		1,000.00			1,018.45		6.82		1.34
Class R-3 — actual return		1,000.00			1,105.77		5.04		.95
Class R-3 — assumed 5% return		1,000.00			1,020.42		4.84		.95
Class R-4 — actual return		1,000.00			1,107.43		3.45		.65
Class R-4 — assumed 5% return		1,000.00			1,021.93		3.31		.65
Class R-5 — actual return		1,000.00			1,108.96		1.86		.35
Class R-5 — assumed 5% return		1,000.00			1,023.44		1.79		.35
Class R-6 — actual return		1,000.00			1,109.47		1.60		.30
Class R-6 — assumed 5% return		1,000.00			1,023.69		1.53		.30

* The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).

Washington Mutual Investors Fund 31

Approval of Investment Advisory Agreement

The fund’s board (the “board”) has approved the fund’s Investment Advisory Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through August 31, 2014. The board approved the agreement following the recommendation of the Contracts Sub-Committee of the fund’s Governance Committee (the “committee”), which is composed of all of the fund’s independent board members. The board and the committee determined that the fund’s advisory fee structure was fair and reasonable in relation to the services provided and that approving the agreement was in the best interests of the fund and its shareholders.

In reaching this decision, the board and the committee took into account information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreement and were advised by their independent counsel. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

1. Nature, extent and quality of services

The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of its organization; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative, compliance and shareholder services provided by CRMC to the fund under the agreement and other agreements, as well as the benefits to fund shareholders from investing in a fund that is part of a large family of funds. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit the fund and its shareholders.

2. Investment results

The board and the committee considered the investment results of the fund in light of its objective of providing income and an opportunity for growth of principal consistent with sound common stock investing. They compared the fund’s total returns with those of other relevant funds (including the other funds that are the basis of the Lipper index for the category in which the fund is included) and data such as relevant market and fund indexes, over various periods through March 31, 2013. This report, including the letter to shareholders and related disclosures, contains certain information about the fund’s investment results. The Board and the Committee reviewed the fund’s investment results measured against various indexes, including the S&P 500 Index, the MSCI World Index and the Lipper Income Funds Index. They noted that the investment results of the fund generally compared favorably to those of these indexes for the lifetime period and 20-year period, and were mixed for shorter periods. The board and the committee concluded that the fund’s investment results have been satisfactory and that CRMC’s record in managing the fund indicated that its continued management should benefit the fund and its shareholders.

32 Washington Mutual Investors Fund

3. Advisory fees and total expenses

The board and the committee compared the advisory fees and total expense levels of the fund to those of other relevant funds. They observed that the fund’s advisory fees and expenses generally compared favorably to those of other similar funds included in the Lipper Growth and Income Funds category. The board and the committee also considered the breakpoint discounts in the fund’s advisory fee structure that reduce the level of fees charged by CRMC to the fund as fund assets increase. In addition, they reviewed information regarding the effective advisory fees charged to non-mutual fund accounts by CRMC and affiliates of CRMC. They noted that, to the extent there were differences between the advisory fee paid by the fund and the advisory fee paid by those clients, the differences appropriately reflected the investment, operational and regulatory differences between advising the fund and the other clients. The board and the committee concluded that the fund’s cost structure was fair and reasonable in relation to the services provided and that the shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by the fund.

4. Ancillary benefits

The board and the committee considered a variety of other benefits received by CRMC and its affiliates as a result of CRMC’s relationship with the fund and the other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the Fund’s principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting that while CRMC receives the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the fund, it does not obtain third-party research or other services in return for allocating brokerage to such broker-dealers. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC by the fund.

5. Adviser financial information

The board and the committee reviewed information regarding CRMC’s costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and willingness to invest in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information received regarding the compensation structure for CRMC’s investment professionals. The board and the committee also compared CRMC’s profitability and compensation data to the reported results and data of several large, publicly-held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. The board and committee further considered the breakpoint discounts in the fund’s advisory fee structure. The board and the committee concluded that the fund’s advisory fee structure reflected a reasonable sharing of benefits between CRMC and the fund’s shareholders.

Washington Mutual Investors Fund 33

Office of the fund

6455 Irvine Center Drive
Irvine, CA 92618-4518

Investment adviser

Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071-1406

Transfer agent for shareholder accounts

American Funds Service Company
(Write to the address near you.)

P.O. Box 6007
Indianapolis, IN 46206-6007

P.O. Box 2280
Norfolk, VA 23501-2280

Custodian of assets

JPMorgan Chase Bank
270 Park Avenue
New York, NY 10017-2070

Counsel

Dechert LLP
1900 K Street, NW
Washington, DC 20006

Independent registered public accounting firm

PricewaterhouseCoopers LLP
601 South Figueroa Street
Los Angeles, CA 90017-3874

Principal underwriter

American Funds Distributors, Inc.
333 South Hope Street
Los Angeles, CA 90071-1406

34 Washington Mutual Investors Fund

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the American Funds website at americanfunds.com.

“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on the American Funds website or upon request by calling AFS. The fund files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on the American Funds website.

Washington Mutual Investors Fund files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. This filing is available free of charge on the SEC website. You may also review or, for a fee, copy this filing at the SEC’s Public Reference Room in Washington, D.C. Additional information regarding the operation of the Public Reference Room may be obtained by calling the SEC’s Office of Investor Education and Advocacy at (800) SEC-0330. Additionally, the list of portfolio holdings is available by calling AFS.

This report is for the information of shareholders of Washington Mutual Investors Fund, but it also may be used as sales literature when preceded or accompanied by the current prospectus or summary prospectus, which gives details about charges, expenses, investment objectives and operating policies of the fund. If used as sales material after December 31, 2013, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

Washington Mutual Investors Fund 35

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36 Washington Mutual Investors Fund

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The American Funds Advantage

Since 1931, American Funds, part of Capital Group, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital System^SM — has resulted in a superior long-term track record.

Aligned with investor success

We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. Our portfolio managers average 25 years of investment experience, including 20 years at our company, reflecting a career commitment to our approach.¹

The Capital System^SM

Our investment process, The Capital System, combines individual accountability with teamwork. Each fund is divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.

Superior long-term track record

Our equity funds have beaten their Lipper peer indexes in 90% of 10-year periods and 96% of 20-year periods. Our fixed-income funds have beaten their Lipper indexes in 58% of 10-year periods and 63% of 20-year periods.² Our fund management fees have been among the lowest in the industry.³

1	Portfolio manager experience as of December 31, 2012.
2	Based on Class A share results for periods through December 31, 2012. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date.
3	Based on management fees for the 20-year period ended December 31, 2012, versus comparable Lipper categories, excluding funds of funds.

 

ITEM 2 – Code of Ethics

Not applicable for filing of semi-annual reports to shareholders.

ITEM 3 – Audit Committee Financial Expert

Not applicable for filing of semi-annual reports to shareholders.

ITEM 4 – Principal Accountant Fees and Services

Not applicable for filing of semi-annual reports to shareholders.

ITEM 5 – Audit Committee of Listed Registrants

Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.

ITEM 6 – Schedule of Investments

Not applicable, insofar as the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 8 – Portfolio Managers of Closed-End Management Investment Companies

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 10 – Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating and governance committee comprised solely of persons who are not considered ‘‘interested persons’’ of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board’s composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. While the committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating and governance committee of the Registrant, c/o the Registrant’s Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating and governance committee.

ITEM 11 – Controls and Procedures

(a)	The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.
(b)	There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12 – Exhibits

(a)(1)	Not applicable for filing of semi-annual reports to shareholders.
(a)(2)	The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

WASHINGTON MUTUAL INVESTORS FUND

By /s/ Alan N. Berro

Alan N. Berro, Vice Chairman, President and

Principal Executive Officer

Date: December 31, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By /s/ Alan N. Berro

Alan N. Berro, Vice Chairman, President and

Principal Executive Officer

Date: December 31, 2013

By /s/ Brian D. Bullard

Brian D. Bullard, Treasurer and

Principal Financial Officer

Date: December 31, 2013